Gold prices in Egypt regained some ground during afternoon trading on Friday, October 2, 2026, following a surge in global gold prices. The ounce reached $4,193.5 in global markets, prompting local prices to rise after a decline in September. Egypt's gold market saw significant losses last month, with 21-carat gold losing around 190 pounds in value.
As of Friday, the price of 24-carat gold stood at 7,057.25 pounds, while 22-carat gold was priced at 6,469 pounds. The price of 21-carat gold, the most widely traded, rose to 6,175 pounds, and 18-carat gold reached 5,292.75 pounds. The gold pound was sold at 49,400 pounds. These price movements reflect the local market's response to global trends and economic developments.
September witnessed a notable decline in gold prices in Egypt, with 21-carat gold losing 190 pounds, equivalent to a 3% decrease. The price began the month at 6,300 pounds and ended at 6,110 pounds. During this period, the 21-carat gold reached its lowest price at 6,075 pounds. This decline was influenced by the drop in global gold prices and fluctuations in the dollar exchange rate against the pound.
The recent price increase brings 21-carat gold above its September closing price, with a 65-pound increase compared to the 6,110 pounds recorded at the end of the month. This movement indicates the local market's sensitivity to global ounce fluctuations. Market participants closely watch these developments to understand their impact on gold prices.
In terms of monetary policy, the Central Bank of Egypt maintained interest rates unchanged for the fifth consecutive time, reflecting a decline in inflation. The bank continues to monitor the impact of geopolitical developments on prices. Meanwhile, the dollar saw a 2.3% increase against the pound in September, surpassing 52 pounds. This influenced gold prices, which are often priced in dollars.
The interaction between global gold prices, the dollar exchange rate, and local market conditions determines Egypt's gold pricing. As the market navigates these factors, stakeholders remain attentive to changes in the global economy and monetary policy. These elements collectively shape the trajectory of gold prices in Egypt.
The price movements reflect broader economic trends and market sentiment. Gold, as a commodity, responds to various influences, including currency fluctuations and international events. Understanding these dynamics helps in assessing future price trends in Egypt's gold market.
Key points
- Egypt's gold prices rose in response to the global ounce surge to $4,193.5.
- 21-carat gold lost 190 pounds in value during September.
- The Central Bank of Egypt kept interest rates unchanged for the fifth consecutive time.
